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  • Swing Trade Idea (MMM) – March 26, 2024

    Mar 26, 2024 Swing Options Tips Comments Off on Swing Trade Idea (MMM) – March 26, 2024

    Our bearish trade for Tuesday, March 26th is 3M Co. (MMM). MMM is part of the Industrial Sector, which traded at 3.48% over the last month, with MMM overperforming at 13.24% over the same period.

    MMM formed a double top at around $110 from where it is pulling back. As this area of resistance has been respected for the last 12 months, and MMM has been overperforming in relation to its sector, from where it is now showing signs of exhaustion, we believe that it will continue to pull back over the duration of this trade.

    As a close, if MMM were to trade below $107 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $3.94.

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